This paper aims to investigate the measures taken by Chinese commercial banks to deal with the financial difficulties facing small businesses, based on the case study on the decentralized lending system of “SanBaoYiGua”. About the problem of financing of small and medium-sized enterprises in China, before 2003, although the central financial institution took policy measures, such as reform to Credit Cooperatives, encouraging construction and maintenance of small business credit guarantee system, they did not pay attention to the role of State Owned Bank in small and medium-sized credit market. After 2003, the most typical policy measure that State Owned Commercial Bank took for small business lending is the decentralized lending system of “SanBaoYiGua”. After considering the effects and limitations of lending system of “SanBaoYiGua”, this paper clarifies the reason why the lending system of “SanBaoYiGua” was not able to play prearranged role in small business credit market by focusing the relationship-lending. Finally, this paper gives a policy proposal for solving the problem in conclusion.
In fast-changing business environments, there are companies that have developed autonomous decentralized organizations for better adaptability and productivity. The company split-up and the line company system are typical methods for this, and are widely adapted in business communities. There are problems, however, on how to coordinate decentralized, autonomous divisions. Mayekawa Mfg. Co., Ltd, that has been acknowledged as a model case of autonomous decentralized organizations, started to try to unify the total Mayekawa Group three years ago. Based on their experiences, an investigation is made on why a change from decentralization to integration is needed, and on how it has been done. Through this study of Group Unification" of Mayekawa Mfg. Co., Ltd, six principles for integration of an autonomous decentralized organization would be revealed, namely, clear definition of business territories, total standardization of skills and knowledge, reinforcement of specialization, systematization of organic networks, mutual aids within the community, and sharing of perceptions of all members. These principles seem to be effective for autonomous decentralized organizations to improve productivity through better coordination within themselves, as well as superior adaptability to environmental changes. A comparison with Kyocera Corporation, another famous case of autonomous decentralization, would give us some more supporting evidences.
It is thought that the corporations bear excessive debt in 1980s, leading to the bubble, and it burst in 1990s. An example of the proof is the bad debt problem of the banking sector. If the amount of debt was excessive, a corporation should have excessive assets, and which would impair its profitability, ie, impaired efficient use of capital employed. The issue has been studied from many aspects such as macro economic condition, character of the financial markets, etc. Also, there have been many researches on cost of capital with respect to corporate governance. Yonezawa and Matsuura (2000) said retained earnings had not been efficiently used in the light of dividend policy. Miyagawa, Arikawa and Saito (2001) said free cash flows had been used for low return projects in the comparative study on the oil shock and the bubble period. On the other hand, Fukushima (2003) said as far as ex-post returns were concerned, they sufficed to the expectation of investors. Takemi (2005) suggested it was wrong to say that 1990s was the only period to see the impaired profitability and its tendency could date back to 1970s. And as a whole industry, the increase in labor costs had surpassed the increase in productivity. From the view of stake holders, equity holders had aided employees financially for a long period of time. Miyanaga (2002), whose attention was to labor costs, has the same conclusion. Analysis tool of this paper is return on capital employed. The reason is as follows; it is a hybrid measure of assets turn-over, relating to cost of capital, and operating profit ratio to sales, relating to expense control on labor costs. And it leads to present the strategic character of Japanese corporations.
여러개의 개별 객체를 모아 하나의 새로운 객체를 생성할 때 각 객체별로 사용자의 접근을 제어하거나, 사용자에 따라 접근 정도를 지정할 필요가 있다. 이 때 가능한 한 사용자 입장에서는 투명하게 동작하도록 하여 사용자로 하여금 자신이 사용하는 각 개체에 어느 정도의 접근이 가능한지를 사전에 알지 않아도 되어야 한다. 본 논문에서는 여러 객체가 혼합된 정보를 검색할 때 개별 객체 수준에서 접근을 제어할 수 있는 방법을 제시한다. 또한 공용키 시스템을 사용할 때 발생하는 공용키 인증문제와 여러 가지 암호를 사용할 때 일어나는 불편한 사용자 인터페이스를 해결하기 위해 Zero-Knowledge Proof 방식을 도입하고, 브라우저 중심의 사용자 인증방법을 제시한다.